by Riep69 » Fri Jan 25, 2008 05:14 am
was a 22 year old passenger in a single car accident that broke my femur which resulted in 3 nights in the hospital and sugury to place a rod and screw put in my leg. I was off work for 3 1/2 months and had to go through a month of theropy before returning to work. Medical bills approx. 30k, and lost wages of around $4500. I am almost ready to settle with the insurance and would like to know where to start? What kind of settlement am i looking at? I was wondering where to start when the offering comes.... does it matter if he was drinking and driving and driving wrecklessly? didnt get a DUI though, got physical control. His coverages is 100 300 50...i would like to know a round about estimate of what I am expected to get so I know what to settle for. I talked to a lawyer and she said go for the limits...so after my bills that would leave about 70k, would the insurance settle for that?
Posted: Thu Mar 13, 2008 05:54 pm Post Subject:
If this is the first offer he more than likely has more than that he can offer you. Usually the first offer is the least. Think of your negotiation process like the selling of a car...You always ask for more than you know they are willing to accept and the buyer always offers less than he's willing to pay. After a few times you huts can meet somewhere in the middle. Just be patient if you settle in haste you may get less than you could have. You have to remember to also be resonable. A good question to ask the adjuster is if it is his amximum amount he is allowed to offer.You are better off trying to get him to bid against himself than to throw your own figure out there right away. I know you are probaly thinking of policy limits but I think you also got to understand getting them is highly unprobable. I am not an expert but this is what I would do in a situation like yours. I know you also probaly have bills and loss of work which may be making money tight but if you are already to this stage it really shouldn't be much longer....If you have to settle do to financial concerns think of it this way..it's more than you had yesterday and more than what you lost...Good luck.
Posted: Fri Mar 14, 2008 11:57 am Post Subject:
He said he def cant do the policy limits,
I'm sure he's correct, but i would try and get close! :wink: It really depends entirely on what you are willing to accept...based on your information about your injury, what it would've cost you with an attorney (subtract a third miniumn) ...I think he's come in pretty fair (but low of course) for a first offer...were it me I'd go back at 90k, and 'hope' to settle somewhere around 60-75k...to my way of thinking if you had an attorney in order for you to walk with 66.6k the attorney would've had to get policy limits (100k), and maybe litigate or atleast file, (raising his fee even higher)....so if it were my injury i'd probably feel like i did ok if i walked with the numbers i have above...or close to 66k.(just my opinion)Posted: Fri Mar 14, 2008 06:22 pm Post Subject:
fireyone gave some really good info! A good adjuster will try to get a number from you now (as it should be) as this is now a "negogiation" with each person making concessions. If you can get the adjuster to up their offer without making a counter demand, it _might- be useful. It does not always help though. At this point it's really up to you. I don't mind giving advice but I don't really want to act as your agent. You should always be looking at this as if you're claim is worth more then the adjuster can offer. That is, shoot for the sky... but you don't want to sound like your being unreasonable. Most plaintiff attorneys are good not if they are good in court but rather, if they can make their huge demands sound reasonable! :). Lori stole my thought again... ( :) ) the _most_ you'd get with an attorney is $66k... so if you get more then that... you just did better then any attorney could do. Heck, you're already at $57k! I can't see the adjuster paying _less_ then $62k!
as I mentioned... time is to your benefit. if you can let this claim drag on, it's more likely that the adjuster will put more money into the offer just to be able to close the claim. You still have many "aces in the hole".... you can let the adjuster sweat... you can tell the adjuster that you'd like to settle w/o an attorney but they are telling you this is a policy limits case (and you agree!), your "future medical bills" are going to be high (this is a big ace in the hole as who knows what your future meds are going to be? No one does... it's just a made up amount... how can an adjuster say you won't need any future treatment during your lifetime?), etc.
Posted: Fri Mar 14, 2008 10:17 pm Post Subject:
Thanks Tscope for the compliment. Hope everything works out well for the original OP and he can work out a good deal for himself. Hope we are kept posted as how it goes. Best of luck.
Posted: Sat Mar 15, 2008 11:15 am Post Subject:
Lori stole my thought again...
Sorry tcope... :cry: Great (well adjuster ) minds think alike my friend.. :wink:Posted: Fri Mar 21, 2008 02:41 am Post Subject:
Well, we got all settled today! We agreed on 70k and setting 10k aside for my surgry in the future to have the rod and screws taken out. So its a total of 80k i guess. I want to thank everyone for there advice and input, it was a big help in my negociation....thanks again and god bless!
Posted: Fri Mar 21, 2008 05:15 am Post Subject:
Congrats!
Made a little more than you would've with an attorney. Just remember, knowledge is power.
Posted: Fri Mar 21, 2008 05:21 am Post Subject:
A little more? $20,000 more...at the _least_... but probably more then that. How long would it take most of use to earn $20K?
I think $80k is about where most of us figured it would settle, if the limits were not offered.
Posted: Fri Mar 21, 2008 05:26 am Post Subject:
A little more? $20,000 more...at the _least_... but probably more then that. How long would it take most of use to earn $20K?
I was figuratively speaking, not literally.
Posted: Fri Mar 21, 2008 09:55 am Post Subject:
AWESOME JOB CBR1000 !!!!!!!!!
I'm sure I speak for all of us when I say, it has been a pleasure to assist you in whatever small way you found us helpful...
Congratulations...you did a terrific job...and I'm sure you are glad to have this behind you....How long is the 'open ended' 10k good for? Or is it specifically for that surgery, without a time limit?
If any other questions, should come up please don't hesitate to pop in..In fact you would be a valueable poster to others in similar situations, from the claimant stand point....
Wishing you all the best....
Add your comment